Diese Einfuhrung in die Produktion legt den Schwerpunkt auf die Aspekte der Produktions- und Kostentheorie, die praktische Relevanz besitzen. Die Ausfuhrungen konzentrieren sich auf die Untersuchung limitationaler Produktionsfunktionen, da diese Basis fur moderne Methoden sind. Die Ideen der Leontief-Analyse werden konsequent in den Verfahren der Stucklistenaufloesung, bei der Strukturierung von Fertigungsdaten in einer Fertigungsdatenbank und bei der Produktionsprogrammplanung mit Hilfe der linearen Programmierung weiterentwickelt. Zielgruppe sind die Studenten der Wirtschaftswissenschaften, die die Einfuhrungsveranstaltung zur Produktions- und Kostentheorie besuchen.

International debt rescheduling, both in earlier epochs and our present one, has been marked by a flurry of bargaining. In this process, significant variation has emerged over time and across cases in the extent to which debtors have undertaken economic adjustment, banks or bondholders have written down debts, and creditor governments and international organizations have intervened in negotiations. Debt Games develops and applies a situational theory of bargaining to analyze the adjustment undertaken by debtors and the concessions provided by lenders in international debt rescheduling. This approach has two components: a focus on each actor's individual situation, defined by its political and economic bargaining resources, and a complementary focus on changes in their position. The model proves successful in accounting for bargaining outcomes in eighty-four percent of the sixty-one cases, which include all instances of Peruvian and Mexican debt rescheduling over the last one hundred and seventy years as well as Argentine and Brazilian rescheduling between 1982 and 1994.

This open access handbook compares fiscal federalism arrangements in eleven federal/ decentralized countries. Each chapter examines an individual country, laying out its constitutional design as relates to fiscal powers and the division of those powers between levels of government. Specifically, the analyses consider powers of taxation, spending, regulation, and more. Focusing on Australia, Brazil, Canada, Ethiopia, Germany, India, Italy, South Africa, Spain, Switzerland, and the United States, the contributors provide a fascinating account of how federal countries are confronting the traditional challenges of conflicts over division of fiscal powers while also coping with the ongoing challenges of globalization and citizen empowerment that arise from the information revolution. As a companion to the Forum of Federations Handbook of Federal Countries 2020, this volume considers how relationships and roles in different orders of government are being reshaped, and shows how local solutions inspired by global principles help strengthen government accountability and improve citizens’ quality of life.This is an open access book.

This book explains the significant variation that has emerged over time and across cases in international debt rescheduling during the past one hundred and seventy years. Based on a novel situational theory of bargaining, Professor Aggarwal's study provides a method to deduce actors' payoffs in different bargaining situations to develop "debt games," which are then used to predict negotiating outcomes. This integrated political-economic approach to analyze bargaining episodes goes beyond simple economic models or purely descriptive studies. In doing so, it contributes to international political and economic theory, game theory, and historical research on debt negotiations.

This book provides an introduction to the positive theory of the budgetary process based on the theory of public choice. Although budgetary institutions are very diverse, both between and within countries, it is possible to identify key elements which are common to all forms of representative government. The author identifies these key elements as the supply of services by public agencies; demand for services by political bodies (cabinet, houses of parliament, etc); negotiations between administrators of agencies and political bodies in an 'internal market'; and decision-making in the form of budgetary and substantive legislation. The book develops a step-by-step model which incorporates all these elements, a model which can be used to explain and predict budgetary decisions in existing institutions, as well as to analyze institutional change, including cost budgeting and various forms of privatization.

This book details the policy subsystems - links among members of Congress, interest groups, program beneficiaries, and federal and subnational government agencies - that blanket the American political landscape. Robert Stein and Kenneth Bickers have constructed a new data-base detailing federal outlays to congressional districts for each federal program, and use it to examine four myths about the impact of policy subsystems on American government and democratic practice. These include the myth that policy subsystems are a major contributor to the federal deficit; that, once created, federal programs grow inexorably and rarely die; that, to garner support for their programs, subsystem actors seek to universalize the geographic scope of program benefits; and that the flow of program benefits to constituencies in congressional districts ensures the reelection of legislators. The authors conclude with an appraisal of proposals for reforming the American political system, including a balanced budget amendment, a presidential line-item veto, term limitations, campaign finance reform, and the reorganization of congressional committees.

This book considers public debt dynamics in various endogenous growth mod els, namely the AK model and explicit models of innovation and human cap ital accumulation. Furthermore, the closed economy, the small open economy and a two-country world are analysed. In the closed economy model, the focus is on budget deficit and public debt dynamics and their influence on capital growth and output growth. Then, in the open economy model, the effects on foreign debt growth are considered. In a two-country setting, public debt growth in one country affects growth in the other country. In each scenario the government either fixes the deficit ratio or the tax rate. For both strategies the steady state is derived and stability is analysed. Then, dynamics induced by various shocks and policy measures are explored. Many diagrams illustrate the dynamics. I greatly benefited from comments by Michael Carlberg. In addition, Alkis Otto and Justus Haucap discussed with me many parts of the book. I wish to thank them all. Hamburg, February 2003 Michael Briiuninger Contents 1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 . . . . . . . . . . . . . . Part I The Closed Economy with AK Production 2 The Solow Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . 2. 1 Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 2. 2 Fixing the Deficit Ratio. . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . 2. 2. 1 The Model. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . 2. 2. 2 Stability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 2. 2. 3 Some Shocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 . . . . . . . . . 2. 2. 4 Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2. 3 Fixing the Tax Rate. . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 . . . . . . . . . 2. 3. 1 The Model . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 2. 3. 2 Stability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 2. 3. 3 Some Shocks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 . . . . . . . . . 2. 3. 4 Summary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ."

A traditionally conservative country in financial matters, India enacted a series of reforms in response to its balance of payments crisis in the early 1990s. But since then only halting progress has been made, raising concerns about India's rising fiscal deficit, inefficiencies in its financial system, and its still relatively closed economy. This book analyzes some of the complex issues currently facing the Indian economy. Looking at India in the international economy, the first section examines reforms of policies toward trade and capital inflows, including issues in exchange rate policy and international business prospects. The second section addresses banking and financial markets, tracking the reforms to date and establishing the need for upgraded technology. The final section compares India's fiscal performance with that of other developing countries, highlighting worrying trends, and presents concrete policy recommendations to advance Indian reforms.

The Economics of Public Spending investigates the extent of government involvement in the economy, its rationale, and traces its historical record. The book unites articles previously published in Fiscal Studies, each one addressing a different area of expenditure and written by an economist with an international reputation in that field. Both the data and the relevant theory are analysed. A new introduction investigates the overall role of the public sector and discusses the general theory of public expenditure.

Credit risk analysis is one of the most important topics in the field of financial risk management. Due to recent financial crises and regulatory concern of Basel II, credit risk analysis has been the major focus of financial and banking industry. Especially for some credit-granting institutions such as commercial banks and credit companies, the ability to discriminate good customers from bad ones is crucial. The need for reliable quantitative models that predict defaults accurately is imperative so that the interested parties can take either preventive or corrective action. Hence credit risk analysis becomes very important for sustainability and profit of enterprises. In such backgrounds, this book tries to integrate recent emerging support vector machines and other computational intelligence techniques that replicate the principles of bio-inspired information processing to create some innovative methodologies for credit risk analysis and to provide decision support information for interested parties.

A complete guide to sovereign wealth funds written by and for industry practitioners

Sovereign wealth funds (SWFs) aren't new, but they are often misunderstood. As they've attracted more attention over the last decade and grown greatly in size, the need for a new and thorough resource on SWFs has never been greater. These funds will only grow more important over the coming years. In this book, expert authors who work in the industry present a comprehensive look at SWFs from the perspective of western investors.

At a time when Congressional investigations have taken on added importance and urgency in American politics, this book offers readers a rare, insider's portrait of the world of US Congressional oversight. It examines specific oversight investigations into multiple financial and offshore tax scandals over fifteen years, from 1999 to 2014, when Senator Levin served in a leadership role on the US Senate Permanent Subcommittee on Investigations (PSI), the Senate's premier investigative body. Despite mounting levels of partisanship, dysfunction, and cynicism swirling through Congress during those years, this book describes how Congressional oversight investigations can be a powerful tool for uncovering facts, building bipartisan consensus, and fostering change, offering detailed case histories as proof. Grounded in fact, and written as only an insider could tell it, this book will be of interest to financial and tax practitioners, policymakers, academics, students, and the general public.

The author develops a model of bank-firm relationships on the basis of the following general idea: Banks want to prevent moral hazard on the side of their customers. In particular they want to prevent their business customers to use bank credit for purposes different from those that have been negotiated thus damaging the bank's interest. The idea of this model is relatively simple. Banks do not extend a loan if the project for which the money is intended will probably be un profitable. They extend the loan if the success of the project is highly probable and if the revenues from that project are greater than the expenses of the bank for monitoring the customer. Assuming as Miarka does that the results from a successful project are certain, this model is an equivalent to minimizing moni toring costs. In fact, this is the outcome of the model. The banks are known to monitor their loans. They thereby signal to the capital market that they have tested the project. Therefore, the buyer of bonds of the company on the capital market may rest assured that the project is financially sound. The buyers of bonds thus avoid monitoring costs and can grant better credit conditions than the banks. Pur chasers of bor. . ds are free riders on the monitoring of the banks. Miarka tests his model econometrically. The results are amazingly supportive of the model."

Die Finanzkrise, die inzwischen auch bei mittelstandischen Firmenkunden angekommen ist, macht das Geschaft fur Banken und Sparkassen nicht einfach. Vor diesem Hintergrund hilft ein hochkaratiges Autorenteam aus Bankpraxis und Wissenschaft mit diesem Buch, die dennoch existierenden aussichtsreichen Geschaftsfelder zu identifizieren und ertragbringend zu bearbeiten. Dazu gehoren beispielsweise die Nachfolgeberatung, Systeme zur betrieblichen Altersversorgung oder alternative Finanzierungsinstrumente wie Factoring und Leasing. Der Marktlage Rechnung tragend, nimmt auch das Thema Risikomanagement im Firmenkundengeschaft breiten Raum ein. Best Practice Beispiele aus dem Sparkassen-, Genossenschafts- und Privatbankbereich sorgen fur eine anschauliche und anregende Darstellung."

This book contains new theoretical discussion and new empirical evidence on the way people think about and cope with the risks and uncertainties of modern life. The national surveys cover areas ranging from lone parenthood to medicine, from house purchase to long-term care, from personal finance to the welfare state. People's confidence in their capacity to cope with uncertainty is closely related to social class, gender and access to support networks. Policies that assume that people are self-interested rational actors are likely to produce unsatisfactory results and to damage the essential social capital of trust.

This book addresses the macroeconomic implications of a country's transition to a monetary union. By using a dynamic multi-country simulation model, it is possible to pinpoint a monetary union, "and" repercussions produced by fiscal retrenchment policies. Interest and exchange rate effects could only be captured once a new approach including innovations in the solution methodology had been developed. Not only can we draw lessons for newly joining members to the EMU or to any other monetary union, but the analysis also implicitly offers a new explanation for the weak Euro in the first half of 1999.

The introduction of the thesis consists of four parts: first, we motivate our chosen macroeconomic setting by looking at some real world phenomena. For a better understanding of these phenomena, we argue that the mutual dynamic interactions between flScal policy and financial markets need to be closely examined in a macroeconomic framework. Second, we review different strands of the economic literature in order to show that most of the literature has so far exclusively concentrated either on fmancial market dynamics or on flScal policy issues. We conclude that a more integrated model setting is called for in order to explain the dynamic interactions observed in reality. Third, we discuss at length the economic assumptions underlying our model. This avoids multiple repetition later on. Finally, we outline the structure of the thesis and the objectives we pursue in the different chapters. 1. 1 Motivation Fiscal policy and financial market reactions are increasingly receiving world wide attention. The most recent examples are the Maastricht criteria about flScal control, the South-East Asia financial crisis and the resulting IMF policy stance, the high level of public debt in developed and developing countries and the effect on interest rates and economic growth. In contrast to the still underdeveloped theoretical literature on these dynamic links, finding empirical evidence that supports the existence of these links is not a very hard task."

This book reflects the futuristic scientific view of the consequences of transition to Industry 4.0 for climate change. The authors present a systemic overview of the current negative consequences of digitization for the environment, new outlines of the energy sphere in Industry 4.0 and the change of the environment pollution level in Industry 4.0. The book also analyses the ecological consequences of growth and development of Industry 4.0, and considers Industry 4.0 as an alternative to fighting climate change. The book presents a view on fighting climate change in Industry 4.0 from the positions of shifting the global community's attention from environment protection to formation of the digital economy. A logical continuation of this book is a view from the opposite side, which would allow reflecting the contribution of Industry 4.0 into fighting climate change and the perspectives of harmonization of these top-priority directions of the global economy's development. This book will be of interest to academics and practitioners interested in climate change and development of Industry 4.0, as well contributing to a national economic policy for fighting climate change and corporate strategies of sustainable development in Industry 4.0.

"Performance Based Budgeting"is the next volume in the ASPA Classics series. It covers the most influential, paramount research articles published on public budgeting and finance. The book will surely be of great interest and use to anyone concerned with public budgeting, and anyone enrolled in, or teaching, a course on this topic in an MPA program or a doctoral program in public administration, public affairs, political science, or economics/public finance.

The global financial crisis of 1997-98 and the widening US trade deficit have precipitated fresh inquiry into a set of perennial questions about global integration and the US economy. How has global integration affected US producers and workers, and overall growth and inflation? Is a chronic and widening deficit sustainable, or will the dollar crash, perhaps taking the economy with it? If the problem was one of "twin deficits," as many thought, why has the trade deficit continued to grow even as the budget deficit narrowed to zero? If US companies are so competitive, why does the trade deficit persist? Is the trade deficit a result of protectionism abroad? Will it lead to protectionism at home? What role do international capital markets have? Each chapter presents relevant data and a simple analytical framework as the basis for concise discussions of these major issues. The final section of the book provides an outlook for the deficit and suggests alternative policy courses for dealing with it. This book is designed for policymakers and others who are interested in the US role in the world economy. It is also suitable for courses in international economics, business, and international affairs.

'This is essential reading for anybody interested in global history.' -Professor Ugo Panizza, The Graduate Institute of Geneva, Switzerland This illuminating book offers a compact survey and new interpretation of trends and policies in the US economy from the end of the nineteenth century to the initial period of the Trump administration. Valli maps three stages in this period of US economic history: first, the economic and demographic consequences of the frontier; second, the Fordist model of growth; and third, the attempt to build an economic empire through economic and financial globalization, military and political power and rapid technological progress. Examining pivotal moments from the Wall Street Crash and the World Wars to the recent Great Recession, Obamacare and Trump's electoral promises and first controversial decisions, this book is essential reading for all those interested in American economic power and its future.

Public policies increasingly emphasize active consumerism, entrepreneurship on the part of service providers and professionals, privatization, and an expanded role for markets. This text draws on research by economists, psychologists, sociologists and public policy experts. The research demonstrates that the traditional rational choice model of economic behaviour is unsatisfactory in providing accounts of the way people choose in relation to work, saving, spending, investment and social welfare. It also shows that the public policies of active consumerism, public sector entrepreneurship, and privatization based on this approach may be flawed.

Challenging Neighbours provides wide coverage of the German and Dutch economies, from an institutional point of view. Pensions, competition policy, labour relations, corporate governance, and health care are among the topics for which the institutional setting and performance of Germany and the Netherlands are compared. The difficulties and successes the countries have in facing pressures from aging population, developments in technology, and global competition are traced back to their institutional roots, and lead to mutual lessons for institutional reform for German and Dutch policy makers.

A ruling party decides each of two periods on the level of public goods which it finances by means of taxation and internal debt. The debt has to be honoured by the government of the second period. Between the two periods elections take place, which may change the ruling party.
The book analyzes the fiscal decision of the first government which aims to maximize the long run utility of its representative voter. Conditions under which the government uses debt strategically in order to stay in power are identified. It is also shown how the fiscal decisions hinge on the populations' political structure and its beliefs about the future government.

This book discusses the Indian economic crisis and brings out what went wrong and the correction necessary for getting the economy back to high growth trajectory, leading to economic transformation. To do so, the book covers trends in performance of Indian economy since the Global Financial Crisis to the COVID-19 effect, bringing out factors that have determined the same. The book questions the approach to macroeconomic policy of both the RBI and the government and brings out what it takes for macroeconomic policy to be supportive of high growth. It contains revealing contrasts with East Asia and China, although India has the same potential to grow with an expansion of manufacturing. Overall, it argues that macroeconomic policies (as much as structural, industrial, and trade policies) have been deficient and even good initiatives on the industrial policy and trade flounder for the lack of a strategic approach to macroeconomics. The book highlights the special opportunities present in an emerging economy with vast under and utilised labour and the macroeconomic policy initiatives that can take advantage of this key feature. It covers the macroeconomic data on growth using multiple indicators, then the external shocks and the internal policy measures/responses; besides, GVA/GDP, credit, exports, external transactions, interest and policy rates, yields, exchange rates, money, capital flows, indices of industrial sector, price indices and inflation, government expenditures, tax rates, fiscal deficits, market uncertainty measures to present a holistic picture of the economy and the shocks and policy actions that have followed. The book uses an innovative method of presentation and the consistency of the trends/stances of both monetary and fiscal policy using these large number of variables. It discusses the debate on overestimation of GDP/GVA growth estimates over the years from 2011-12 to about 2016-17 comprehensively. There is special coverage of GST with a comparison with China. Coverage also includes performance since the COVID-19 crisis again using a large number of indicators and an explanation for the same in terms of the limitations of the government's initiatives to counteract. The book is a quick and ready reference of what has happened in macroeconomic terms to those interested in the relevant facts. It is of interest to international economists, policy analysts, and investors whose need to understand that the Indian economy in macroeconomic terms and in terms of the stances and penchant of the government and the RBI is of value.